roblem 5 (15 Points) ray Company uses the periodic inventory system to account for inventories. Information related Gray Company's inventory at October 31 is given below: ctober 1 Beginning inventory 8 Purchase 16 Purchase 24 Purchase 300 units @ $10.00$3,000 700 units $12.008,400 500 units@ $14.007,000 500 units @ $15.00.500 Total units and cost 2.000 units n.e$25.900 units $25.900 nstructions 1. Show computations to value the ending inventory using the FIFO cost assumption i 700 units 2. Show computations to value the ending inventory using the weighted-average cost method if S. Show computations to value the ending inventory using the LIFO cost assumption if 700 units remain on hand at October 31. 700 units remain on hand at October 31. remain on hand at October 31